President Bola Tinubu has rewarded Nigeria’s U-17 women’s national football team, the Flamingos, with Federal Government Savings Bonds worth N100m each following their historic triumph at the FIFA U-17 Women’s World Cup.
The team’s head coach also received a savings bond worth N100m, while each member of the technical crew was rewarded with N50m in cash.
The announcement was made on Wednesday by the First Lady, Senator Oluremi Tinubu, who received the players and their officials on behalf of the President at a reception held in their honour at the State House, Abuja.
The Flamingos recently made history by becoming the first African team to win the FIFA U-17 Women’s World Cup.
Explaining the decision to reward the players through savings bonds rather than direct cash payments, Chairman of the National Sports Commission, Shehu Dikko, said the arrangement was designed to protect their long-term financial interests, considering that most of them are teenagers.
He explained that the bonds would attract annual interest of between 12 and 14 per cent over five years, providing the players with a steady source of income while they pursue their education and football careers.
“There is no need to flood them with money that can distort their career.
“So we are now giving them what we call an FGN savings bond for like five years. That savings bond comes at like 14, 12 per cent interest annually, meaning each of them will be adding like N1.1m plus monthly for the next five years,” Dikko said.
He added that the investment would give the players financial security and allow them to make informed decisions about their money when they become adults.
“I don’t think there is any father that wants to give his 16-year-old, 15-year-old, N100m at this age.
“But you can invest for your 16-year-old so that at 20 they will have money to set their life. That’s basically what the president has done at this moment, which is unprecedented,” he said.
Dikko further explained that the returns on the bonds would provide regular financial support for the players’ education, training and family needs during the five-year period.
On the future of the team and its coaching staff, he said the National Sports Commission would assess the age eligibility of the players before deciding on their placement for the next age-grade competitions.
According to him, players still eligible for the U-17 category could remain with the team, while those moving to the U-21 level might progress with their coach.
“We have to look at how many of these girls are still available for the next U-17.
“If more are still under that age, they can play the next one; better you keep the coach at this level. If they are moving to the U-21, better they go with their coach to do that,” he said.